While the topic of life insurance isn’t the most pleasant, purchasing a policy is the way to safeguard your family’s financial future in the event of an untimely death. Choosing from the elite no exam life insurance companies is difficult; should Minnesota Life be in the mix?
There are a lot of options available. You want to make sure the company behind your policy has strong financial health and a reputation for excellent customer satisfaction. Filing a claim on a life insurance policy naturally means someone has passed away, so you want to know the insurance company will be efficient, compassionate and responsible.
Minnesota Life is one of the larger financial services firms in the United States. They offer a variety of insurance and annuity products. Does Minnesota Life offer a quality product at a competitive price? We took an in-depth look and have our complete review below:
Summary of the Minnesota Life Insurance Company
First, we need to clear up a bit of confusion related to the name. Minnesota Life is also known by the name Securian. Securian is the umbrella brand for a large group of insurance and financial companies. Minnesota Life operates under the Securian banner. While Minnesota Life does operate under their own name, sometimes customers will use the two business names interchangeably.
Minnesota Life is one of the oldest existing insurance companies in the country. They were founded in 1880. True to their name, the company started in St Paul, Minnesota. Their original business name was the Banker’s Association of Minnesota.
Their Adjustable Life policy was one of the first options for a flexible life insurance policy, and almost immediately proved very popular among consumers. The company grew in size quickly. In 1982, they changed their name to Minnesota Mutual and moved their headquarters to a large building in St. Paul.
Types of Policies
Minnesota Life writes a variety of different types of policies. They offer individual life insurance policies, annuity products, group life insurance, retirement planning products and other products designed for long-term financial planning.
Life insurance is available in both term and permanent policies. Term life has a range of term limits, and may or may not require a medical. All policies include the option to convert into permanent life insurance. This can be done at certain intervals throughout the duration of the term.
There are several options for permanent life insurance:
1. Whole Life
This is the standard life insurance policy. The policy will have stable premiums and a cash value account.
2. Universal Life
This provides similar coverage to the whole life policy. The difference is that a universal life policy allows for the option of flexible premiums.
3. Indexed Life
This is an index account used as an investment option.
4. Variable Universal Life
This policy offers the same benefits as a Universal policy, only with additional investments in various other accounts. These other accounts can include stocks, bonds and similar.
5. Survivorship Life
This is a policy which covers two people. A survivorship life policy pays out to the second person in the event of the death of the first.
Group Life Insurance
Minnesota Life also offers group life insurance and related policies. These policies provide coverage for businesses. They’re offered under the Securian umbrella. Policies include:
- Group Term Life
- Group Universal Life
- Universal Group Life (Variable)
- Business Travel Accident
- Critical Illness
- Accidental Death and Dismemberment
- Policy Costs for Minnesota Life
We do have some issues with the Minnesota Life pricing policies. Price quotes are not available online. This means rates can’t be obtained easily by a person online. Instead, prospective customers can only be obtained through a broker or an agent.
Unfortunately, dealing with a broker or agent will usually result in additional feed. But that’s not really the angle Minnesota Life takes with their products. Budget insurance isn’t their focus.
Their target audience is the individual who purchases insurance through work or through an agent. These are people who are not overly concerned finding the lowest price on the market. Minnesota Life promotes the quality of the products more than their competitive prices.
Filing a Claim
The ease of filing a claim is obviously an important factor when choosing an insurance provider. Unfortunately, there’s no way to personally experience the process of filing a claim with a provider before you actually purchase an insurance product. So here it’s helpful to research the experiences of others who have filed claims.
Generally, we found very favorable reviews regarding the filing of claims. In fact, customer service in general seems to be a strength of Minnesota Life. Customers reported compassionate, efficient service.
All claims are processed by Minnesota Life through the Securian Benefits Center. Claims can be filed online at any time. Additionally, claim status can be checked online as well. This makes filing a claim, and staying informed about the claim, very easy.
There are plenty of other methods to contact Minnesota Life, too. Phone, fax and even traditional mail are all available to every customer. Note that the specific address you’ll need to contact will depend on where and how you bought your policy. You’ll need to know if your policy was purchased through an employer, financial institution or a broker.
Reputation of Minnesota Life
Reputation is one of the key factors you need to consider when searching for a life insurance provider. After all, decades might pass between when you purchase the policy and when the policy will need to pay out. You need confidence that the insurance company will still be in business when you need them.
We’ve determined that Minnesota Life has an excellent reputation. AM Best has given them a grade of A+, Fitch has rated them AA and S&P has rated them A+. These all indicate that the company is in excellent financial health.
Their longevity is another plus. They’ve been in business since 1880, and have an excellent track record dating back over 125 years. In fact, Minnesota Life is one of the most well-established insurance companies in the country.
If price is your absolute top concern, then Minnesota Life might not be your best option. They’re far more focused on product quality than having the absolutely lowest price on the market. But this is a dependable, financially strong insurance organization with a flexible menu of quality products.
Minnesota Life primarily appeals to employers as well as individuals who want to purchase insurance products from their employer. If you’re looking for stability and reliability, Minnesota Life is an excellent choice.